Smucker Fades as Fiscal 2018 Ends With Sluggish Sales and Profitability; However, Shares Attractive
Our $135 fair value estimate for narrow-moat Smucker should see a mid- to high-single-digit percentage dip after a disappointing end to fiscal 2018. The results should temper our near-term forecast, but we believe our long-term outlook is sufficiently conservative to reflect the firm's deteriorating brand strength (sub-3% organic top-line growth against over 250 basis points of adjusted operating margin deterioration, into the midteens, over the next decade). We see the shares as somewhat attrac...Smucker (J.M.) manufactures and markets food and beverage products. The company's principal products are coffee, dog food, pet snacks, cat food, peanut butter, fruit spreads, frozen handheld products, shortening and oils, portion control products, juices and beverages, and flour and baking ingredients. The company has four reportable segments: U.S. Retail Coffee, U.S. Retail Consumer Foods, and U.S. Retail Pet Foods, and International and Away From Home. The U.S. retail market segments represent the sales of food and beverage products to consumers through retail outlets in North America. The International and Away From Home segment represents sales outside of the U.S. retail market segments.
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Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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